The earnings surprises is evidence against weak from but not semi-strong form efficiency weak form, semi-strong form and strong form efficiency weak form and semi-strong form form efficiency strong form but not semi-strong form efficiency Assume that markets are efficient and the risk free rate is positive. XYZ Ltd has a beta of 1.1. The annualised market return last quarter was 12%. You observe that XYZ Ltd had an annualised return last quarter of 13.20%. This suggests that: there were no firm-specific shocks to XYZ Ltd last quarter. interest rates may have fallen last quarter. there were no systematic surprises to XYZ Ltd last quarter. Othere were firm-specific negative shocks to XYZ Ltd last quarter. there were firm-specific positive shocks to XYZ Ltd last quarter